Emaar Properties and Sobha Limited set the market pace, leading in registered home transactions and sales value.
The growth is not just annual; the market has shown impressive sequential gains from January-March 2024, with the number of transactions and sales value rising by 17% each. This double-digit growth indicates a sustained upward momentum in the market.
| Dubai Residential Real Estate Summary – Q2 2024 (April–June) | |||||
| Q2 2023 | Q1 2024 | Q2 2024 | YoY | QoQ | |
| Registered Residential Transactions (No. of units) | 24,285 | 27,484 | 32,109 | 32% | 17% |
| Registered Home Sales Value (GTV) (AED billion) | 52 | 54 | 63 | 23% | 17% |
| Average Registered Home Sales Value (AED million) | 2.14 | 1.96 | 1.96 | -8% | 0% |
*Includes both primary and secondary residential registered transactions.
Source: Dubai Land Department, SquareYards.com
| Dubai – Area-wise Transactions Q2 2024 vs Q2 2023 (April–June) | Dubai – Budget-wise Transactions Q2 2024 vs Q2 2023 (April–June) | |||||
| Area (in sq.ft.) | Q2 2023 | Q2 2024 | Budget | Q2 2023 | Q2 2024 | |
| Below 500 sq.ft. | 15% | 18% | Below AED 1 million | 38% | 34% | |
| 500–1000 sq.ft. | 40% | 41% | AED 1–2 million | 27% | 33% | |
| 1000–1500 sq.ft. | 21% | 22% | AED 2–3 million | 16% | 17% | |
| 1500–3000 sq.ft. | 20% | 15% | AED 3–5 million | 13% | 12% | |
| Above 3000 sq.ft. | 4% | 4% | Above AED 5 million | 6% | 4% | |
*Includes both primary and secondary residential registered transactions.
Source: Dubai Land Department, SquareYards.com
Rabiah Shaikh,Chief Business Officer & Principal Partner – Global Markets,Square Yardssaid, “Dubai’s property markets continue to thrive despite global uncertainties and the unfortunate floods in April. The swift government intervention and developers’ efforts to provide free repairs for affected properties have reinforced market resilience and stability. Our data shows that both registered transactions and sales values are growing steadily in healthy double digits as Dubai maintains a stronghold as a premier global luxury destination. Ultra-High-Net-Worth Individuals (UHNIs) and High-Net-Worth Individuals (HNWIs) continue to invest in luxury projects for both investment and personal use in popular central areas. The surge in demand combined with limited availability in these prime locations has significantly pushed up property prices.”
Shaikh further added, “Beyond the ultra-wealthy, initiatives like the extension Golden Visa are drawing many professionals to Dubai. The steady increase in relatively affordable projects across peripheral micro-markets provides a variety of options for these individuals, offering a more cost-effective alternative to the significantly more expensive central areas.”
| DubaiMicro marketSummary – Q2 2024 (April–June) | |||
| Micromarket | Registered Home Value (AED Million) | Registered Residential Transactions (No. of units) | Average Registered Home Sales Value (AED Million) |
| Overall Dubai | 62,856 | 32,109 | 1.96 |
| Dubailand | 10,568 | 6,679 | 1.58 |
| The Palm Jumeirah | 9,571 | 2,186 | 4.38 |
| Jumeirah | 8,483 | 7,088 | 1.20 |
| Sheik Zayed Road | 8,344 | 2,110 | 3.95 |
| DSO & International City | 5,480 | 3,201 | 1.71 |
| Mohammed Bin Rashid City | 5,208 | 3,943 | 1.32 |
| Business Bay | 4,728 | 2,010 | 2.35 |
| Dubai City | 3,680 | 1,378 | 2.67 |
| Downtown Dubai | 3,045 | 785 | 3.88 |
| Dubai World Central | 1,854 | 916 | 2.02 |
| Jebel Ali | 1,177 | 1,055 | 1.12 |
| Dubai Islands (Deira Island) | 277 | 58 | 4.78 |
| Mushrif Park | 213 | 106 | 2.01 |
| Bur Dubai | 213 | 585 | 0.36 |
| Deira | 15 | 9 | 1.67 |
*Includes both primary and secondary residential registered transactions.
Source: Dubai Land Department, SquareYards.com
Locality-level insights reveal that Jumeirah Village Circle (JVC) leads the market with 3,637 registered transactions, followed by Al Merkadh with 2,432 transactions. In terms of sales value, Business Bay takes the top spot with AED 4,475 million worth of homes sold during the quarter. Za’abeel and Dubai Marina also made substantial contributions to the overall sales value.
Market Leaders and Key Projects
Emaar Properties and Sobha Realty continued their market dominance in both transaction numbers and sales value for the April-June 2024 quarter. Sobha One in Ras Al Khor Industrial Area emerged as the top project in terms of transactions and sales value, closely followed by Emaar’s Address Residences on Sheikh Zayed Road.
| Top Developers by Registered Home Sales Value Dubai Q2 2024 (April–June) | ||
| Rank | Developers | Registered Home Sales Value (AED million) |
| 1 | Emaar Properties | 7,858 |
| 2 | Sobha Realty | 4,549 |
| 3 | Damac Properties | 2,421 |
| 4 | Azizi Development | 1671 |
| 5 | Meraas | 1530 |
| 6 | Binghatti Developers | 1425 |
| 7 | Ellington Group | 1272 |
| 8 | Danube Properties | 1052 |
| 9 | London Gate Real Estate Development | 940 |
| 10 | Select Group | 913 |
*Includes primary and secondary residential registered transactions.
Source: Dubai Land Department, SquareYards.com
| Top Developers by No. of Registered Residential Transactions Dubai Q2 2024 (April–June) | ||
| Rank | Developers | Registered Residential Transactions(No. of units) |
| 1 | Emaar Properties | 2,538 |
| 2 | Sobha Realty | 2,114 |
| 3 | Azizi Development | 2,069 |
| 4 | Binghatti Developers | 1,406 |
| 5 | Damac Properties | 1,188 |
| 6 | Danube Properties | 744 |
| 7 | Samana Developers | 543 |
| 8 | London Gate Real Estate Development | 481 |
| 9 | Ellington Group | 387 |
| 10 | Reportage Properties | 373 |
*Includes primary and secondary residential registered transactions.
Source: Dubai Land Department, SquareYards.com
The Bulgari Lighthouse by Meeras in Jumeirah Bay stands out as Dubai’s most expensive project, with property prices reaching AED 11,500 per sq.ft. The highest transaction of the quarter was recorded here, at a staggering AED 149 million. Another significant transaction above AED 100 million was recorded at Eome Residential in The Palm Jumeirah, amounting to AED 105 million.
| Top Projects by Registered Home Sales Value Dubai Q2 2024 (April–June) | ||
| Rank | Project | Registered Home Sales Value(AED million) |
| 1 | Sobha One | 3,875 |
| 2 | Emaar Address Residences | 3,698 |
| 3 | Meraas Nad Al Sheba Gardens | 1,671 |
| 4 | Aldar Haven | 1367 |
| 5 | Damac Lagoon Views | 914 |
| 6 | The Ritz Carlton Residences | 875 |
| 7 | Emaar Lillia | 871 |
| 8 | Emaar The Valley Farm Gardens | 656 |
| 9 | Emaar Vida Residences | 634 |
| 10 | Danube Oceanz 2 | 523 |
*Includes primary and secondary residential registered transactions.
Source: Dubai Land Department, SquareYards.com
| Top Projects by No. of Registered Residential Transactions Dubai Q2 2024 (April–June) | ||
| Rank | Projects | Registered Residential Transactions (No. of units) |
| 1 | Sobha One | 1,781 |
| 2 | Emaar Address Residences | 1,188 |
| 3 | Damac Lagoon Views | 656 |
| 4 | Aldar Haven | 438 |
| 5 | Samana Barari Views | 438 |
| 6 | Danube Sportz | 405 |
| 7 | Emaar Lillia | 370 |
| 8 | MAG 330 Apartments | 295 |
| 9 | Aqua The Central Downtown | 266 |
| 10 | Danube Oceanz 2 | 256 |
*Includes primary and secondary residential registered transactions.
Source: Dubai Land Department, SquareYards.com
The June 2024 quarter highlights the resilience of Dubai’s property market, which has adeptly navigated recent floods and broader global economic uncertainties. The luxury sector remains a stronghold of robust demand, showing no signs of slowing down. Amidst a backdrop of limited supply, the market for high-end properties is poised for sustained demand and price growth. Additionally, the increase in new projects in mid-segment price points across peripheral micro-markets presents attractive options for end-users and working professionals relocating to Dubai.
About Square Yards
Square Yards is India’s largest Integrated real estate marketplace, with category leadership presence across multiple touchpoints of consumer home ownership journey. With Urbanisation and rising disposable incomes as the core theme, Square Yards, with 7mn+ monthly traffic and ~USD 3bn+ GTV, is the largest and asset light proxy play to the growing residential demand story of India. One of the few Indian start-ups to taste global success with presence in 100+ cities across 9 countries, Square Yards is at the forefront of tech adoption in the sector, with multiple patents across VR/AI domains.